Silicon Motion Technology (NASDAQ:SIMO) Price Target Cut to $95.00 by Analysts at B. Riley

Silicon Motion Technology (NASDAQ:SIMO) had its price objective reduced by B. Riley from $112.00 to $95.00 in a report released on Monday morning, Benzinga reports. They currently have a buy rating on the semiconductor producer’s stock.

Several other equities analysts have also recently issued reports on SIMO. Wedbush reiterated an outperform rating and issued a $85.00 target price on shares of Silicon Motion Technology in a research note on Friday, May 3rd. Needham & Company LLC boosted their target price on shares of Silicon Motion Technology from $85.00 to $94.00 and gave the company a buy rating in a research note on Monday, July 8th. Craig Hallum upped their price objective on shares of Silicon Motion Technology from $80.00 to $96.00 and gave the stock a buy rating in a research report on Monday, May 6th. StockNews.com upgraded shares of Silicon Motion Technology from a hold rating to a buy rating in a research report on Friday, May 3rd. Finally, Susquehanna upped their price objective on shares of Silicon Motion Technology from $100.00 to $110.00 and gave the stock a positive rating in a research report on Monday, May 6th. Nine research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Silicon Motion Technology presently has an average rating of Buy and a consensus price target of $91.00.

Silicon Motion Technology Trading Down 1.9 %

NASDAQ SIMO traded down $1.14 on Monday, hitting $57.51. 640,615 shares of the company’s stock traded hands, compared to its average volume of 422,283. Silicon Motion Technology has a 1-year low of $49.50 and a 1-year high of $85.87. The firm’s 50-day moving average price is $78.39 and its two-hundred day moving average price is $74.60. The firm has a market capitalization of $1.94 billion, a PE ratio of 33.32, a P/E/G ratio of 0.58 and a beta of 0.86.

Silicon Motion Technology (NASDAQ:SIMO) last posted its earnings results on Friday, August 2nd. The semiconductor producer reported $0.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.01. Silicon Motion Technology had a net margin of 10.14% and a return on equity of 10.41%. The firm had revenue of $210.67 million during the quarter, compared to analysts’ expectations of $206.75 million. During the same period in the previous year, the business posted $0.33 EPS. The business’s revenue was up 50.1% compared to the same quarter last year. On average, research analysts anticipate that Silicon Motion Technology will post 2.85 earnings per share for the current fiscal year.

Silicon Motion Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 22nd. Stockholders of record on Thursday, August 8th will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.48%. The ex-dividend date of this dividend is Thursday, August 8th. Silicon Motion Technology’s payout ratio is 113.07%.

Institutional Investors Weigh In On Silicon Motion Technology

Large investors have recently modified their holdings of the business. Kodai Capital Management LP purchased a new stake in shares of Silicon Motion Technology during the fourth quarter worth $44,073,000. Caxton Associates LP purchased a new stake in shares of Silicon Motion Technology in the fourth quarter valued at about $3,494,000. Keeley Teton Advisors LLC grew its holdings in shares of Silicon Motion Technology by 132.2% in the fourth quarter. Keeley Teton Advisors LLC now owns 20,875 shares of the semiconductor producer’s stock valued at $1,279,000 after purchasing an additional 11,885 shares during the period. Lord Abbett & CO. LLC purchased a new stake in shares of Silicon Motion Technology in the first quarter valued at about $53,676,000. Finally, Russell Investments Group Ltd. grew its holdings in shares of Silicon Motion Technology by 3,282.3% in the fourth quarter. Russell Investments Group Ltd. now owns 71,807 shares of the semiconductor producer’s stock valued at $4,386,000 after purchasing an additional 69,684 shares during the period. Hedge funds and other institutional investors own 78.02% of the company’s stock.

Silicon Motion Technology Company Profile

Silicon Motion Technology Corporation, together with its subsidiaries, designs, develops, and markets NAND flash controllers for solid-state storage devices. The company offers controllers for computing-grade solid state drives (SSDs), which are used in PCs and other client devices; enterprise-grade SSDs used in data centers; eMMC and UFS mobile embedded storage for use in smartphones and IoT devices; flash memory cards and flash drives for use in expandable storage; and specialized SSDs that are used in industrial, commercial, and automotive applications.